Daktronics (DAKT) shares fell 18% in recent Wednesday trading after the company reported a loss for fiscal Q3 and announced the departure of Chief Executive Reece Kurtenbach.
The company reported a fiscal Q3 loss Wednesday of $0.36 per diluted share, compared with earnings of $0.09 a year earlier.
Three analysts polled by FactSet expected earnings of $0.06.
Net sales for the quarter ended Jan. 25 were $149.5 million, down from $170.3 million a year earlier.
Three analysts surveyed by FactSet expected $170.6 million.
The company said Kurtenbach is stepping down as CEO, president and board chairman, effective at close of business Wednesday, and will transition to an advisory role.
The board has appointed Executive Vice President Brad Wiemann as interim president and CEO while it searches for a permanent CEO, the company said.
The board has also appointed the company's lead independent director, Andrew Siegel, as the new independent board chair, according to Daktronics.
Daktronics board member Howard Atkins has been named acting chief finance officer and chief transformation officer, effective at close of business Wednesday, to allow Sheila Anderson to focus on her role as chief data and analytics officer while the company searches for a permanent CFO, Daktronics said.
Price: 11.74, Change: -2.59, Percent Change: -18.07
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